Aggregated News From Investment Management Regulators

Quarterly Benchmarks on Asset Management – 2nd quarter 2021


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The value of assets under individual [1] and collective portfolio management in Portugal amounted to 80,018.8 million euros during the second quarter of 2021 – an increase of 1,372.1 million than during the previous quarter and 4,872.7 million than in the same period of 2019.

  • Individual Asset Management

Assets under individual management increased 0.2% apropos March, standing at 48,496.7 million euros, and was up by 4.0% over the same period of the previous year.

Listed securities and investment units accounted for 88.4% of the investment. The domestic shares segment decreased 7.8% apropos the previous quarter and was up by 10.1% apropos the second quarter of 2020, totaling 516.3 million euros. Portfolios of shares issued by non-resident entities amounted to 1,033.7 million euros at end June – 3.8% less than in March and 18.4% more than in the same period of last year.

Investment in domestic public debt decreased 12.4% apropos the end of the first quarter down to 10,894.9 million euros, while the amount invested in foreign public increased 8.5% compared to the previous three months and fell 6.0% during the same period. Investment in bonds issued by domestic entities decreased by41.6% in the quarter, down to 230.8 million euros, and those issued by non-resident entities decreased 3.5% down to 8,437.3 million euros.

Portugal kept as the main investment destination (24.0% of the total), with a quarterly drop of 13.1%, followed by Germany, increasing by 9.8% in the quarter and Italy, dropping by 8.7%.

BMO Portugal led this market segment during the quarter, with 28.5%, corresponding to 13,823.7 million euros of assets under management, followed by Caixa Gestão de Ativos (19.8%) with 9,639.7 million and Santander Asset Management (11.9%) with 5,783.4 million.

  • Collective portfolio management

The value managed by collective investment undertakings in transferable securities (UCITS), alternative investment funds (AIFs), real estate investment funds (REIFs), special real estate investment funds (SREIFs), real estate asset management funds (REAMFs) and credit securitisation funds (CSFs) amounted to 31,445.4 million euros in the second quarter (4.3% more than in the previous three months and 17.6% more than in the same period of 2020).

Investment in securities assets, which includes UCITS and AIFs, amounted to 17,211.6 million euros at the end of June, representing an increase of 8.5% compared to March and a 37.7% in relation to the same period of last year.

The value of UCITS portfolios was up by 8.6% over the previous three months registering 16,893.2 million euros. The AIFs rose 6.6% up to 318.4 million euros.

In UCITS, the value under management of equity funds increased by 15.2% and bond funds, 2.2%. Savings-retirement funds (SRFs) increased 9.2%. These categories of funds are among the highest in the overall portfolio value. The value of money market funds decreased by 7.1% on a quarterly basis and the value under management of flexible funds rose by 12.6%.

The main destinations for investment in foreign securities were Germany (16.0% of the total amount invested), the USA (14.9%) and Luxembourg (12.0%). Portugal registered 3.9%, with 17.3% of the value of the investments was made in shares, 25.5% in public debt and 43.1% in private debt.

Caixa Gestão de Ativos IM was the management entity with the largest market share in this segment (33.3%), followed by IM Gestão de Activos (21.5%) and BPI Gestão de Ativos (18.1%).

In real estate investment, made through REIFs and SREIFs, the amount under management registered 10,364.8 million euros, increasing by 0.2% apropos the previous quarter. In real estate asset management funds (REAMFs), the amount under management increased by 0.4% compared to March, up to 417.4 million euros.

Interfundos had the highest market share in the quarter (11.7%), followed by Square Asset Management (11.4%) and Caixa Gestão de Ativos (9.0%).

Securitisation funds (SFs) generated 3,445.0 million euros at the end of June – 2.6% less than at the end of the previous quarter and 9.5% less than in the same period of 2020. Mortgage loans that accounted for 99.3% of the total investment weighting, continued to be the main asset in the portfolio and dropped 2.6% compared to the previous quarter and 9.6% apropos the same period of the previous year, down to 3,422.7 million euros.

  • Marketing of foreign UCITS

The value under management of foreign UCITS traded by entities registered at the CMVM amounted to 6,108.0 million euros in the second quarter, an 17.0% increase than in the previous three months and 44.6% more than in the same period of last year.

Abanca Portugal had the highest market share (20.8%), followed by Bankinter – Sucursal em Portugal (13.8%) and Banco BPI (12.0%).


[1]  Individual asset management is the set of values that belong to a holder considered individually. It is also referred to as asset management or portfolio management on behalf of a third-party.

This news item was originally published by the Portuguese Securities Market Commission (CMVM PT). For more information, please see the Source Link.

Regulator Information

Abbreviation: CMVM
Jurisdiction: Portugal

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